Bookkeeping Basics
Final Test Solutions
Course Introduction
Bookkeeping Basics introduces students to the fundamental principles and practices of recording, organizing, and managing financial transactions for individuals and businesses. The course covers essential concepts such as the double-entry accounting system, debits and credits, chart of accounts, and the flow of accounting information. Students learn how to maintain journals and ledgers, prepare trial balances, and understand basic financial statements. Emphasis is placed on the accuracy, consistency, and ethical considerations in bookkeeping, preparing learners for more advanced accounting studies or entry-level bookkeeping roles.
Recommended Textbook
Computer Accounting with QuickBooks 2015 17th Edition by Donna Kay
Available Study Resources on Quizplus
12 Chapters
340 Verified Questions
340 Flashcards
Source URL: https://quizplus.com/study-set/3438 Page 2
Chapter 1: Quick Tour of Quickbooks 2011
Available Study Resources on Quizplus for this Chatper
28 Verified Questions
28 Flashcards
Source URL: https://quizplus.com/quiz/68288
Sample Questions
Q1) Your QuickBooks data can be stored in all the following ways except:
A)Online
B)Backup
C)Portable File
D)All of these store QuickBooks data
Answer: D
Q2) The QuickBooks file extension .QBM indicates the file is a:
A)QuickBooks working file
B)QuickBooks movable file
C)QuickBooks Accountant's transfer file
D)QuickBooks Accountant's working file
Answer: B
Q3) All of the following are one of the four main categories of transactions in QuickBooks except:
A)Customers
B)Calendar
C)Vendors
D)Employees
Answer: B
To view all questions and flashcards with answers, click on the resource link above.
Page 3
Chapter 2: Customizing Quickbooks and the Chart of Accounts
Available Study Resources on Quizplus for this Chatper
29 Verified Questions
29 Flashcards
Source URL: https://quizplus.com/quiz/68287
Sample Questions
Q1) What does the Chart of Accounts list?
A)Assets, liabilities and owner's equity accounts
B)Income and expense accounts
C)Owner's contributions
D)All of these
Answer: D
Q2) The Income Statement:
A)lists the accounts and account numbers
B)lists a company's assets
C)summarizes what a company owns and what it owes
D)reports the results of a company's operations, listing income and expenses for a period of time
Answer: D
Q3) To add a new account to the Chart of Accounts:
A)Display the Chart of Accounts, select Account, New
B)From the Company menu, select New Account
C)From the Home page, select New Account
D)From the Lists menu, select New Account
Answer: A
To view all questions and flashcards with answers, click on the resource link above. Page 4
Chapter 3: Banking
Available Study Resources on Quizplus for this Chatper
29 Verified Questions
29 Flashcards
Source URL: https://quizplus.com/quiz/68286
Sample Questions
Q1) The Check Register:
A)Lists all accounts and their account numbers
B)Records payments and deposits to the Checking account
C)Is located directly on the Company section of the Home page
D)Keeps track of company deposits only
Answer: B
Q2) How would you indicate that a payment is split between 2 or more accounts?
A)Use the notation "split" in your checking account
B)Skip it, it will be done automatically in QuickBooks
C)Note on your invoices only
D)None of these
Answer: A
Q3) When reconciling the bank statement using QuickBooks:
A)Service charges are added
B)Interest earned is subtracted
C)All deposits listed on the bank statement are selected as cleared in the Reconcile window
D)All of these
Answer: C
To view all questions and flashcards with answers, click on the resource link above.
Page 5
Chapter 4: Customers and Sales
Available Study Resources on Quizplus for this Chatper
35 Verified Questions
35 Flashcards
Source URL: https://quizplus.com/quiz/68285
Sample Questions
Q1) Which report provides information on customers who have overdue accounts?
A)Accounts Receivable Aging Summary
B)Accounts Receivable Aging Detail
C)Customers with Open Invoices
D)Collections Report
Q2) Briefly explain the difference between creating a sales receipt and creating an invoice.
Q3) The Customer List stores all the information listed below except:
A.Sales tax rates
B.Notes about a project/job
C.Project/job estimate information
D.Customer transaction information
Q4) The Job Profitability Summary Report is accessed from the:
A)Report Center
B)Vendor Center
C)Employee Center
D)Company Center
Q5) Name 3 (three) reasons why a job for a customer might be "pending".
Q6) Name 3 (three) reasons why a job for a customer might be "pending".
6
To view all questions and flashcards with answers, click on the resource link above.
Chapter 5: Vendors, Purchases, and Inventory
Available Study Resources on Quizplus for this Chatper
27 Verified Questions
27 Flashcards
Source URL: https://quizplus.com/quiz/68284
Sample Questions
Q1) Which one of the following is a vendor transaction?
A)Make Deposits
B)Receive Customer Payments
C)Enter Bills
D)Sell Goods to Customers
Q2) Which one of the following activities is not shown in the Vendor section of the Home page?
A)Write Checks
B)Pay Sales Taxes
C)Pay Bills
D)Purchase Orders
Q3) The Open Purchase Orders Report gives information about:
A)Purchase Orders for items ordered but not yet received.
B)All Purchase Orders.
C)Purchase Orders from domestic companies only.
D)Purchase Orders from foreign companies only.
Q4) Briefly describe how sales tax payments flow from customers to government entities.
Q5) What are Inventory items, Non-inventory items, and Services? Provide examples.
To view all questions and flashcards with answers, click on the resource link above. Page 7
Chapter 6: Employees and Payroll
Available Study Resources on Quizplus for this Chatper
27 Verified Questions
27 Flashcards
Source URL: https://quizplus.com/quiz/68283
Sample Questions
Q1) Which of the following ways to track time is not supported by QuickBooks Pro and QuickBooks Premier?
A)Time Single Activity
B)Weekly Timesheet
C)Time clock
D)Online Timesheets
Q2) Name 3 (three) types of payroll liabilities and indicate who funds each one.
Q3) What is purpose of Federal Form 940?
A)Summarize the amount of unemployment tax paid and due by the company
B)Summarize the amount of federal income tax, Social Security, and Medicare withheld from employee paychecks for the quarter
C)Summarize the amount of federal income tax, Social Security, and Medicare withheld from employee paychecks for the year
D)Summarize of all your W-2 forms
Q4) Which form summarizes payments made to subcontractors?
A)Form 940
B)Form 1065
C)Form 1099
D)W-4
To view all questions and flashcards with answers, click on the resource link above. Page 8
Chapter 7: Reports and Graphs
Available Study Resources on Quizplus for this Chatper
29 Verified Questions
29 Flashcards
Source URL: https://quizplus.com/quiz/68282
Sample Questions
Q1) Providing information to internal users' decision making is the purpose of which of the following?
A)Management Reports
B)Tax forms
C)Financial statements
D)Vendor list
Q2) To export reports to Excel:
A)With the Report window open, click the Excel button
B)With the Report window open, click the Export button
C)With the Report window open, click the Print button
D)All of these
Q3) The Balance Sheet lists:
A)Assets, Liabilities, and Owner's Equity
B)Gains, Losses, and Net Income
C)Operating, Investing, and Financing Activity
D)Income, Expenses, Liabilities
Q4) What is the difference between the cash basis and the accrual basis?
Q5) Briefly explain 2 (two) differences between depreciation on a tax return and on a financial statement.
To view all questions and flashcards with answers, click on the resource link above. Page 9
Chapter 8: New Company Setup
Available Study Resources on Quizplus for this Chatper
28 Verified Questions
28 Flashcards
Source URL: https://quizplus.com/quiz/68281
Sample Questions
Q1) To customize QuickBooks after creating a company file you would:
A)Enter additional company information
B)Set QuickBooks preferences
C)Customize the Chart of Accounts
D)All of these
Q2) The Legal Name identifies a company for:
A)Advertising
B)Sales
C)Patents
D)All of these
Q3) An account's tax line determines where QuickBooks lists the account balance on the:
A)Income Statement
B)Statement of Cash Flows
C)Balance Sheet
D)Income Tax Summary Report
Q4) Name 4 (four) accounts that would commonly be used for a service company and identify the account type for each.
To view all questions and flashcards with answers, click on the resource link above. Page 10
Chapter 9: Accounting for a Service Company
Available Study Resources on Quizplus for this Chatper
27 Verified Questions
27 Flashcards
Source URL: https://quizplus.com/quiz/68280
Sample Questions
Q1) To print the entire Journal, select:
A)Report Center > Accountant & Taxes > Journal
B)Company Center > Company & Financials > Journal
C)Report Center > Company & Financials > Journal
D)Company Center > Accountant & Taxes > Journal
Q2) Deposits may be recorded using the:
A)Check Register window
B)Write Checks window
C)Reconcile window
D)Print Checks window
Q3) To print the Statement of Cash Flows, select:
A)Report Center > Company & Financials
B)Report Center > Accountant & Taxes
C)Company Center > Company & Financials
D)Company Center > Accountant & Taxes
Q4) Adjusting entries are used to:
A)Close temporary accounts at year end
B)Close permanent accounts at year-end
C)Bring account balances up to date at year end
D)All of these
To view all questions and flashcards with answers, click on the resource link above. Page 11
Chapter 10: Merchandising Corporation: Sales, Purchases and Inventory
Available Study Resources on Quizplus for this Chatper
27 Verified Questions
27 Flashcards
Source URL: https://quizplus.com/quiz/68279
Sample Questions
Q1) A grocery store is an example of a _________ company.
A)Service
B)Retail
C)Manufacturing
D)Product-based business
Q2) If the supplies on hand at the end of January totaled $200 and the Supplies on Hand account before adjustment is $900, what would be the adjustment at month-end?
A)Reduce supplies on hand by $700; increase supplies expense by $700
B)Increase supplies on hand by $900; reduce supplies expense by $900
C)Reduce supplies on hand by $200; increase supplies expense by $200
D)Increase supplies on hand by $200; reduce supplies expense by $200
Q3) The Chart of Accounts:
A)Verifies the accounting system is in balance
B)Helps detect errors
C)Lists all accounts
D)All of these
Q4) Briefly explain how the supplies on hand account is adjusted at the end of the period.
To view all questions and flashcards with answers, click on the resource link above. Page 12
Chapter 11: Merchandising Corporation: Payroll
Available Study Resources on Quizplus for this Chatper
27 Verified Questions
27 Flashcards
Source URL: https://quizplus.com/quiz/68278
Sample Questions
Q1) A short term loan to be repaid within one year is classified as a(n):
A)Other Current Asset
B)Other Current Liability
C)Expense
D)Owner's Due
Q2) You can obtain a copy of Circular E to use for payroll preparation from:
A)The Employee section of the Home page
B)The Employee Center of the Home page
C)The QuickBooks website: www.quickbooks.com
D)The IRS website: www.irs.gov
Q3) When standard checks are used for pay checks, paystubs are printed by selecting:
A)Employee menu > Print Pay Stubs
B)File menu > Print Forms > Pay Stubs
C)Banking menu > Print Forms > Pay Stubs
D)Company menu > Print Checks > Pay Stubs
Q4) Taxes are withheld from paychecks for:
A)Employees
B)Independent Contractors
C)Owner's withdrawals
D)All of these
To view all questions and flashcards with answers, click on the resource link above. Page 13
Chapter 12: Advanced Quickbooks Features for Accountants
Available Study Resources on Quizplus for this Chatper
27 Verified Questions
27 Flashcards
Source URL: https://quizplus.com/quiz/68277
Sample Questions
Q1) A credit card payment received against/on an open invoice would be recorded as:
A)Using the Statements icon in the Customers section of the Home page
B)Using the Receive Payments icon in the Customers section of the Home page
C)Using the Credit Card icon in the Banking section of the Home page
D)None of these
Q2) If the Estimates icon does not appear on your screen in QuickBooks, select:
A)Edit menu > Preferences > Jobs and Estimates > Company Preferences
B)Customer menu > Jobs > Estimates
C)Company menu > Estimates > Preferences
D)Company menu > Preferences > Estimates
Q3) Briefly explain the direct write off method for accounting for bad debts.
Q4) When creating a budget in QuickBooks, you can:
A)Create a budget that increases each monthly amount by a specific percentage
B)Create a budget from previous year's actual data
C)Create a budget from scratch
D)All of these
Q5) Briefly explain the allowance method for accounting for bad debts.
To view all questions and flashcards with answers, click on the resource link above. Page 14